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Probate Explained

Submitted by Jason Cherrington on Mon, 01/08/2016 - 13:35

Probate Frequently Asked Questions

Taking care of a loved ones estate and financial affairs when they die can be complicated and confusing, especially at such an emotional and difficult time. Below are some answers to frequently asked questions about Probate.

What is an Estate?

A persons Estate is everything that they own including all of their assets and their liabilities.

What is Probate?

Probate is the court’s authority, given to a person or persons, to administer a deceased person’s estate and the document issued by the Probate Registry is called a Grant of Representation.

The Grant of Representation is usually required by the asset holders, for example Banks, Life Companies and other Financial Institutions. The Grant of Representation serves as proof to show the correct person or persons have the Probate Registry’s authority to administer a deceased person’s estate.

When is Probate Required?

The Probate process is needed when investments (typically over £5,000) were held in the deceased’s sole name and the banks, building societies and other organisations request for a Grant of Probate/Letters of Administration in order to release the funds held.

Will I have to Pay My Loved Ones Debts?

The answer to this is No. However, there is a common misconception amongst people that when a person dies their debts disappear but this is not always the case.

When a person dies their debts are paid for from their assets at the time of death. If their debt exceeds their available assets then the estate will be insolvent.

Sometimes it is not known if an estate is insolvent until the Grant of Probate has been received. When the estate of the deceased is insolvent, gifts and legacies cannot be distributed to the beneficiaries under the Will. This part of the law is governed by Administration of Insolvent Estates of Deceased Persons Order 1986 (DPO 1986).

Who are Executors and What do They Do?

An Executor is a person elected in the deceased Will who they wished to deal with the administration of their estate after their death. It is an Executor’s responsibility to carry out the following duties:

Determine what property and other assets were owned as well as liabilities

If minor children are beneficiaries an Executor may act as Trustee to hold their monies in trust.

Who is a Personal Representative and what are their Duties?

A personal representative is usually the named Executor of the deceased’s Will. When a person dies without making a Will, the personal representative is the person a Grant of Administration has been given to.

Summary

If you are faced with the prospect of administering a loved ones estate make sure you shop around and get a number of quotes, ideally from a Probate Practitioner or Solicitor that offers Fixed fees for some of the more straight forward processes and a transparent low cost fee structure for more complicated probate matters.

At Mind at Rest Wills we work closely with our trusted partners Premier Solicitors a leading law firm who were founded in 2006. This allows us to provide you with a seamless probate service from beginning to end.

The Firm is Lexcel accredited, a Law Society nationally recognised quality mark for law firms and operate nationally allowing us to offer our clients quality competitively priced fixed fee options for all Probate matters. Both Mind at rest Wills and Premier Solicitors are committed to providing appropriate solutions and excellent customer service.

We can help you with timely and sympathetic advice to ensure you have the right answers and solutions for you.

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Based in Kesgrave, Ipswich, Suffolk providing Will Writing, Estate Planning and Probate Services. Which include; Single Wills, Mirror Wills, Probate, Will Storage, Trusts, Lasting Power Of Attorney, Digital Wills and Funeral Plans. To arrange a FREE professional consultation call us on 01473 760761 or use our Wills Enquiry Form